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South Africa is the leading country in the continent with the highest adoption rate for non-fungible tokens (NFTs), according to a recent survey. The same study also revealed that the top three countries in terms of NFT adoption globally come from Southeast Asia with the Philippines leading the pack.
South Africa is ranked 12th in NFT adoption worldwide with 8.3 percent of the country’s internet users currently owning a non-fungible token, according to Finder.com. Data for NFT adoption was gathered via an online pool that involved over 28,000 participants across 20 countries.
However, NFT adoption in South Africa would soon more than double and hit 17.8 percent. While only 8.3 percent currently own non-fungible tokens, another 9.4 percent said that they plan to buy NFTs as well.
The study also revealed that there is a difference between genders when it comes to NFT ownership. “South African men are more likely to own NFTs than women, with 10.5% of men compared to 6.3% of women saying they have at least one NFT,” Finders noted. “The NFT gender gap in South Africa of 4.2 percentage points is higher than the global gender gap of 2.7 percentage points.”
Just like ownership of cryptos such as Bitcoin (BTC) and Ethereum (ETH), non-fungible tokens appear to be more appealing to younger investors. People ages 18 to 24 are leading in NFT ownership at 11 percent, followed by those from the 25-34 age bracket at 9.9 percent. “At the other end of the spectrum are people ages 55 to 64 (5.2%),” Finders said.
The study also revealed the global trend in NFT ownership. Surprisingly, adoption seems to be highest in Southeast Asia with the top three countries coming from the region.
Globally, the Philippines leads the pack with 32 percent of the survey participants owning at least one NFT. Thailand is ranked second at 27 percent followed by Malaysia at the third spot at 24 percent.
“Finder’s cryptocurrency editor, Keegan Francis, says the countries with higher levels of adoption typically have a lower average wage of working citizens,” the report said. “People are quitting their jobs because they can make more money trading NFTs or playing NFT play-to-earn games.”
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